Dubai's New Digital Assets Legislation Enacted by DIFC | Kanebridge News
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Dubai’s New Digital Assets Legislation Enacted by DIFC

Dubai International Financial Centre (DIFC) officially announced the introduction of a pioneering Digital Assets Law, establishing it as the first of its kind globally.

Thu, Mar 14, 2024 1:06pmGrey Clock 2 min

This legislation incorporates the new Law of Security and integrates amendments into various existing laws to address the implications brought about by the digital assets’ domain and the revamped security regime.

The primary goal of these legislative updates is to align DIFC‘s legal framework with the fast-evolving international trade and financial sectors propelled by technological advancements. These changes also aim to provide a solid legal foundation for both investors in and users of digital assets. This move follows a thorough examination of digital assets’ legal treatment across various jurisdictions and a period of public feedback in 2023, culminating in the enactment of DIFC’s distinctive Digital Assets Law.

Comprehensive Updates to Existing Laws

In concurrence with the new digital asset’s framework, significant revisions have been made to existing DIFC laws, including the Contracts Law, Law of Obligations, Law of Security, Law of Damages and Remedies, Trust Law, and Foundations Law through the DIFC Amendment Law, No. 3 of 2024. These modifications address specific concerns related to digital assets, with notable updates to the Law of Obligations that now accommodate the use of electronic transferable records, enhancing efficiency in cross-border digital trade.

Advancements in Secured Transactions and Digital Trade

The legal landscape of secured transactions has witnessed substantial innovation, especially since the introduction of the DIFC Law of Security in 2005. The new regulations address the evolving nature of credit extension and digital asset collateral arrangements, alongside the digital transformation of international trade.

The DIFC has adopted a new approach by repealing the outdated 2005 Law of Security and the Financial Collateral Regulations, introducing a revamped Law of Security that aligns with the UNCITRAL Model Law on Secured Transactions, thereby modernizing its securities regime.

Jacques Visser, DIFC Authority’s Chief Legal Officer

Jacques Visser, DIFC Authority’s Chief Legal Officer, expressed enthusiasm about the new Digital Assets Law, highlighting its role in defining the legal status of digital assets within property law and facilitating their control, transfer, and management. The legislation, effective from March 8, 2024, is a testament to DIFC’s commitment to establishing a transparent, robust, and globally aligned legal and regulatory framework. Access to the new legislation is provided through DIFC’s Legislative Database.

In summary, the enactment of the Digital Assets Law and the comprehensive legislative updates underscore DIFC’s dedication to staying at the forefront of legal and regulatory excellence in the digital age.



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Preparatory Work for UAE to Oman Hafeet Rail Project Commences at Full Speed

Preparations have begun on the transformative UAE to Oman Hafeet Rail network, revealing significant construction details during a site visit.

Thu, May 16, 2024 3 min

The $3bn Hafeet Rail project between the UAE and Oman will feature 60 bridges and a 2.5km tunnel, making it an “architectural and engineering marvel,” according to CEO Ahmed Al Musawa Al Hashemi.

Hafeet Rail has announced that preparatory work is moving full speed ahead for constructing the transformative railway link between the UAE and Oman. This announcement was made during a site visit attended by key officials, members of the Asyad and Hafeet Rail executive management teams, project contractors, and consultants.

Key Highlights

During the visit, attendees were introduced to the main components of the project, including passenger, repair, and shipping stations, as well as major bridges and tunnel sites.

The Hafeet Rail project is set to play a very important role in enhancing local and regional trade, unlocking new opportunities in the infrastructure, transportation, and logistics sectors, and fostering economic diversification. It will also strengthen bilateral relations between the UAE and Oman.

The project will involve constructing 60 bridges, some reaching heights of up to 34 meters, and tunnels extending 2.5 kilometres. The Hafeet Rail team showcased the latest rail technologies and innovative engineering and architectural solutions designed to navigate the challenging geographical terrain and weather conditions while maintaining high standards of efficiency and safety.

The rail network will boost various industrial sectors and economic activities and significantly impact the tourism industry by facilitating easier and faster travel between the two countries.

Ahmed Al Bulushi, Asyad Group Chief Executive Asset, noted that the project’s rapid progress reflects the commitment of the UAE and Oman to developing and realizing the project’s multifaceted benefits.

Investment and Future Impact

Al Bulushi added that investments in developing local capabilities and expertise in rail-related disciplines over recent years have enabled the project to reach the implementation phase successfully under the leadership of highly efficient and professional national talent.

Hafeet Rail’s CEO Ahmed Al Musawa Al Hashemi emphasized, “The commencement of preparatory works for construction is a testament to the robust synergy between all parties involved in both nations, achieving this milestone in record time. We are confidently laying down the right tracks thanks to the shareholders of Hafeet Rail and the expertise of local companies in Oman and the UAE, alongside international partners.”

During the site visit, the visitors explored some of the key preparatory sites, including Wadi Al Jizi, where a 700-meter-long bridge towering 34 meters will be constructed. This ambitious project is envisioned as an architectural and engineering marvel in a complex geographical landscape.

Future phases will require more collaboration, with a continued focus on quality, safety, and environmental considerations in line with the international industry best practices.

The Hafeet Rail project represents the first-of-its-kind railway network linking two Gulf nations, marking a significant shift in regional goods transportation. This efficient and reliable transportation option will reduce dependence on slower and less sustainable road transport.

Hafeet Rail promises a 40% reduction in shipping costs and a 50% in transit times compared to traditional land transportation methods, as it will be connecting five major ports and several industrial and free zones in both countries.

This shift will reduce reliance on road transport by cars and trucks and promote more sustainable shipping practices. The establishment of the railway network will also create significant opportunities for SMEs in construction, engineering, and logistics support, acting as a catalyst for economic growth and innovation within the domestic economy.

By linking major ports, the Hafeet Rail project will enable local SMEs to import, export, and distribute their products more effectively, enhancing their market reach and global competitiveness.

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